Law firm pricing officers improve profitability

Three in four US law firms have a pricing professional in place. Furthermore, although the role is vaguely defined, pricing efforts increase profitabliity.

11 June 2014

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However, comments from the reseach found that not only is there no job description for the role, pricing professionals are inventing the role as they go along. The proportion of large US law firms using an in-house pricing officer has risen from 67 per cent to 76 per cent over 2013, according to research from ALM Legal Intelligence. The firms surveyed come from either the Am Law 200 or the NLJ350. The research found that pricing officers were often a member of the firm's senior leadership team. The report, Pricing Professionals: Essential to Law Firms, An Ally to Clients, also shows that 38 per cent of firms have ‘made this job a dedicated role within the firm’ and that over half of firms include the pricing officer in the senior leadership team. Source: GlobeNewswire